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This is so stressful! I mean can closes NOT be stressful? We got an offer on our house in a week. Signed a contract in less than 2 weeks. Our contract said closing date would be 6/12/08 if all worked out. Well it is the day before and I have not heard anything. Our realtor said that everything has been done (assessor was here last week), inspector came back to check to make sure we fixed the things he said needed fixed, etc. The walk-through was supposed to be today but I have not heard anything. I cleaned my house like a mad woman last night amongst all the boxes that are packed but I don't know why I bothered because I have not heard if they are coming for a walkthrough or if we are closing or not tomorrow. I guess the buyers' lender does not set closing time until "everything is in the folder". Our realtor said that this is just the way that is works with this lender (or this type of mortgage they are getting---not sure which she is talking about)
I am sorry to just have a rant here but I just don't understand why I can't have a few days notice on when my close will be! We have to sign our lease tomorrow afternoon for our house that we are renting for the next year and I am really nervous about signing it incase the sale on our house falls through. We have a reservation fee holding the rental house right now and we can only hold it for 30 days which I believe is until Friday. We have movers scheduled to be here Friday morning too. I just want a clear closing date. Can someone give me some insight on why they can't even give me a certain date on closing? Is this normal? I am sorry if this doesn't make sense and it is just a ramble but I am so stressed out! Can closes EVER not be stressful???
As an agent, I'd be on the phone to the title company - but they can't really schedule the closing until they have the docs from the lender, and then they have to prepare the closing documents from those. Have you received a HUD to review (showing where all the money is going and who owes what fees, etc.)?
In the real estate agent's job of herding cats, the lender is often the one that is the biggest problem to get to have everything done when they're supposed to, for some reason.
I have no idea what you are talking about as far as a HUD. I feel that we have been "left in the dark" by our realtors a lot of the time but maybe that is just because my husband has been the one communicating with them and I am just sitting here complaining! My husband is too nice I think and not aggressive enough but then again, I am just here on a message board posting and not calling!
As an agent, I'd be on the phone to the title company - but they can't really schedule the closing until they have the docs from the lender, and then they have to prepare the closing documents from those. Have you received a HUD to review (showing where all the money is going and who owes what fees, etc.)?
In the real estate agent's job of herding cats, the lender is often the one that is the biggest problem to get to have everything done when they're supposed to, for some reason.
A lot of lenders have downsized staff, and are slow with the work, not taking phone calls or emails, etc.
They will drive you nuts!
The HUD is a document that spells out where all the money goes. What comes in from whom, what is taken out of the money for what (everything from the Realtor's commission to prorated taxes, that sort of thing - it varies depending on whether you're the seller or the buyer). Technically, you're supposed to get it 3 days before closing to review it, but I've seen that happen twice. Sometimes, closing has been pushed from the morning to the afternoon because the lender didn't get the docs to the title company until the morning the closing was scheduled.
Usually by the day before you DO have a closing time scheduled, but it might be pushed back for reasons like this.
In Texas, if the closing goes past the date specified in the contract, we have to get an amendment extending it signed by all parties. I don't know where you are, or what the laws are in your state, however.
I think you need to contact your agent yourself instead of through your husband. Relay to your agent you are stressed out, have contract pending on a rental, aren't sure you should move and that you need to get answers today. It's your agent's job to help put you at ease. In my state, the date you close, is the date you close. If one party does not perform, the deal is off. Underwriting takes time to do and closings should be set at a date and time that allows for everything to be put together. Your agent should really know by today whether you're going to close tomorrow or not. Please call your agent. If you don't understand something they're talking about, stop him or her and ask them to explain it to you more specifically.
Good news... got the HUD Settlement Statement now and we are closing tomorrow! I do have a call into my realtor though (yes me, not husband!) because the property address is listed as Florilla Circle rather than Florilla Trail.
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